GE spins off its locomotive unit, workers go on strike

Mar 2012
57,883
39,438
New Hampshire
#1
Guess they were wrong when they thought Wabtec would be a better employer than GE..

General Electric just spun off its century-old railroad division to Wabtec. Factory workers immediately went on strike to protest the new owner's push for mandatory overtime and pay cuts for new hires.

About 1,700 union workers at Wabtec's newly acquired locomotive factory in Erie, Pennsylvania, walked off the job on Tuesday morning. Workers at that factory haven't organized an open-ended strike since the 1969-1970 GE-wide strike that cost the conglomerate dearly.
United Electrical union representatives and Wabtec (WBC) failed to reach a short-term agreement that would have kept in place the working conditions negotiated with GE (GE), the factory's longtime former owner.

"I was naive enough to believe that a new company taking over would be a breath of fresh air," Brad McCurdy, a powerhouse electrician with 14 years of experience at the factory, told CNN. "Boy, it looks like I was wrong."

GE completed the spinoff of GE Transportation, which includes the Erie facility, on Monday as the conglomerate continues to dismantle itself to pay down massive debt. GE, an early pioneer of the locomotive industry, received $2.9 billion in cash as well as a 24.9% stake in Wabtec. GE shareholders also received Wabtec shares in the deal.

Wabtec pushed for a number of significant changes, including the introduction of mandatory overtime, arbitrary schedules, wage cuts of up to 38% for recalled and new workers, and the right to use temporary workers, according to the union. "The plant has been highly profitable under the existing GE contract," Jonathan Kissam, UE's communications director, told CNN Business in an email on Tuesday.

https://www.cnn.com/2019/02/26/business/wabtec-strike-ge-locomotive/index.html
 
Nov 2010
23,156
14,835
#2
I don't get why its legal for mega companies to own all these umbrella companies? Why do you think the people who have all the wealth keep getting smaller and smaller, they own the entire supply chain, they buy up all the competition. A few mega corporations will have it all and rule the world

it's not really a new company, its still owned by GE
 
Mar 2012
57,883
39,438
New Hampshire
#3
I don't get why its legal for mega companies to own all these umbrella companies? Why do you think the people who have all the wealth keep getting smaller and smaller, they own the entire supply chain, they buy up all the competition. A few mega corporations will have it all and rule the world

it's not really a new company, its still owned by GE
Yea AT &T is gobbling up Time Warner as we speak. DOJ fought it but they won. They are all in each others pockets.
 

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